Sunday, November 27, 2022

FILE ITR NOW, DON’T WAIT FOR LAST DAY, SAYS I-T DEPT. KNOW IMPORTANT DATES

To ease the burden on people visible of the novel coronavirus pandemic, the dates to file ITR are extended.

The usual date for filing ITR for the financial year of 2019-20 would are 31 July 2020. However, people will currently file their ITR by 31 December this year.

The point to file ITR by individual taxpayers for the financial year 2019-20 ends on December 31, 2020, whereas a similar for taxpayers whose accounts need to be audited is Jan 31, 2021, the tax department has said.

Taking to Twitter, the tax debt wrote, “More than 4.23 crore tax Returns for AY 2020-21 have already been filed until 27th of December, 2020. have you ever filed yours? If not filed until now, don’t wait. File your #ITR for AY 2020-21 TODAY!”

The tax department had extended the due date for filing the ITR, to change the tax-filing method for assesses, amid the Covid-19 crisis.

The taxpayers currently have till the end of December to file their income of financial gain, earned between April 1, 2019, and March 31, 2020, rather than 30 November.

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Important dates to stay in mind for filing your ITR:

1) The due date of furnishing the tax returns for taxpayers whose accounts need to be audited has been extended to 31 Jan next year.

2) The due date for furnishing of assorted audit reports below the Act, together with the tax audit report and report in respect of international or such as domestic dealings, is extended to December end.

3) The due date for the little taxpayers, or tax assessees with liabilities up to ₹1 lakh, is 31 Jan next year.

4.23 cr ITRs filed for AY 2020-21 until 27 Dec

The Central Board of Direct Taxation (CBDT) has aforesaid that more than 4.23 crore tax returns are filed for the assessment year (AY) 2020-21 until 27 December.

“More than 4.23 crore tax Returns for AY 2020-21 have already been filed until 27th of December, 2020. have you ever filed yours? If not filed until now, don’t wait. File your #ITR for AY 2020-21 TODAY!,” the tax department tweeted.

This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3, and over 31.09 lakh filing ITR-2.

At the shut of the point for filing return while not payment lately fees for financial 2018-19 (the assessment year 2019-20), over 5.65 crore returns were filed by taxpayers. The point last year was extended until August 31, 2019.

Giving a comparative analysis of the ITRs filed, the tax department aforesaid 4.30 crore ITRs were filed until August 27, 2019, compared to over 4.23 crore filed until December 27, 2020.

Returns in ITR-1 Sahaj will be filed by AN commonly resident individual whose total income doesn’t, whereas type ITR-4 Sugam is supposed for resident people, HUFs, and companies (other than LLP) having a complete income of up to ₹50 lakh and having presumptive income from business and profession.

While ITR-3 and 6 are filed by businesses, ITR-2 is filed by individuals having income from residential property; ITR-5 is filed by LLP and Association of Persons (AoPs). ITR-7 is filed by an individual in receipt of income derived from property held below trust or different legal obligation totally for charitable or religious purposes or partly just for such purposes.

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